As a result of new legislation to adopt FATCA regulations and reporting through the Intergovernmental Agreements (IGA) in many jurisdictions, a series of new fields and screens will shortly become available to assist Troika users with the new classification and registration requirements. The fields will be displayed for all client types including trusts, alongside additional fields for identifying US Persons within Troika for related individual entities.
Additional reports and exports will also be available to list clients and entities based on selected nationality, jurisdiction and citizenship criteria. These will assist Troika users with the identification stage of FATCA regulations, and then record the registration details for both Foreign Financial Institutions; both reporting and non-reporting, and Non-Financial Foreign Entities.
Further changes are planned to assist with the reporting phase of FATCA implementation once these are clarified, and our user group has reviewed these.
thewealthworks and Troika software will not be providing an automated tool or software to determine client classification and registration in line with the FATCA regulations (adopted by an IGA in any jurisdiction).
Legal Disclaimer
thewealthworks accepts no liability for any losses, liabilities, costs, or penalties of any kind arising from the failure to submit a file accurately, this list is inclusive but not exhaustive. The accuracy of the data stored in Troika is the sole responsibility of the end user and it is strongly advised that all information is verified before submitting a file.